OncoCell MDx Secures $22.2M Series B Financing to Advance Liquid Biopsy Immunogenomic Platform

On September 12, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that OncoCell MDx had completed a $22.2 million Series B financing round. The round was led by San Francisco-based Savitr Capital LLC, with participation from existing investors. To date, the company has raised more than $30 million in funding.

OncoCell MDx plans to use the proceeds from this financing round to continue developing and commercializing its liquid biopsy immunogenomics platform. The company intends to launch a blood-based test next year for the detection and grading of aggressive prostate cancer.

OncoCell MDx is a pan-disease immunogenomics platform company that develops novel non-invasive blood tests to optimize patient care, aiming to help physicians better understand the underlying disease pathology of prostate cancer and other conditions. Headquartered in Royal Oak, Michigan, USA, the company began operations in 2013 and has currently accumulated data from more than 2,000 patients, with plans to publish its findings in peer-reviewed scientific journals within the next six months.

Mark McDonough, President and Chief Executive Officer of OncoCell MDx, stated, “We are developing and commercializing novel non-invasive diagnostic technologies to provide physicians and their patients with rapid and accurate diagnostic information, thereby optimizing patient treatment pathways and improving clinical outcomes. We believe that harnessing the power of the immune system through technology can enhance the well-being of people worldwide. Our mission is to empower patients with deeper insights into their health status and, most importantly, to provide them with opportunities for early diagnosis.”

McDonough stated, “What distinguishes the OncoCell test from other liquid biopsy assays is its ability to filter out extrinsic factors, such as food and beverage intake, as well as intrinsic factors, including age, sex, and race, by examining lymphocytes and phagocytes. We are currently investigating phagocytic leukocytes and comparing them with lymphocytic leukocytes.”

McDonough added, “In addition to prostate cancer, OncoCell has also collected preliminary data on colon cancer, lung cancer, and head and neck cancer, as well as non-oncologic conditions such as rheumatoid arthritis, heart disease, and Alzheimer’s disease.”

Andrew Midler, a manager at Savitr Capital, stated, “OncoCell is leveraging the power of the immune system and the company’s proprietary immunogenomic technology to maximize patient benefits by enabling earlier diagnosis and treatment of diseases.”

Savitr Capital is a venture capital firm headquartered in San Francisco, USA, focusing on investments in renewable energy, clean energy, and innovative healthcare companies.

(Compiled by Tian Shuhang)